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The January transfer window is nearing its conclusion, with managers all around Europe considering final adjustments to their squads for the remainder of the season. We turn our eye to the Premier League to assess the activity of England's top sides, and point out where they could perhaps strengthen further.

ArsenalWhat they've done in January
Arsenal's biggest move in the January transfer window has been to agree a new long-term deal with Theo Walcott. However, the club may need to strengthen in January if they are to end their trophy drought and/or finish in the Premier League top four. Gunners boss Arsene Wenger has said that he is ready to spend big, but argues that there isn't the talent available in the market. Regardless, the club continue to be linked with a loan move for Lyon's Yoann Gourcuff, as well as a permanent move for Newcastle target Mapou Yanga-mbiwa.

Where they need to strengthen
Forget the home romp against West Ham, because it was the defeat at third-placed Chelsea that showed Wenger still has a lot of work to do if he is to get his misfiring Gunners into the top four. The Frenchman failed to adequately replace Alex Song and Robin Van Persie last summer, a move which could yet come back to haunt him, with the club now in danger of missing out on Champions League football. Wenger could do with a robust defensive midfielder as a top priority.

Verdict
Sorting Walcott's contract was a major boost, but may not be enough to avoid Arsene Wenger's worst season at Arsenal

ChelseaWhat they've done in January
The Blues have jumped at the chance to strengthen in January, notably snapping up Demba Ba from Newcastle early in the window. The club have also recently agreed a new one-year deal with full-back Ashley Cole, but are standing firm on their refusal to offer Frank Lampard a longer contract. The sale of Daniel Sturridge to Liverpool freed up space in Rafa Benitez's squad for another striker and Demba Ba's impact so far, with the Senegalese striker bagging three goals in five games, suggests the England attacker won't be missed.

Where they need to strengthen?
The Blues are still horribly inconsistent, which can't be helped by the question marks over the manager, so getting the right man in the dug-out is more important than any new signings. They continue to be linked with Radamel Falcao, who would strengthen any team, and there are suggestions that Celta Vigo's Iago Aspas is a target, but these deals will likely be left until the summer. Who will be Chelsea manager at that point is anyone's guess, but whoever it is, they need to ensure that exciting young talent like Eden Hazard and Oscar is married with solid experience and that may be difficult with Frank Lampard heading for the exit door and John Terry in the autumn of his career.

Verdict
Signing Demba Ba was a coup, but Chelsea's problem is lack of managerial consistency

LiverpoolWhat they've done in January
Prior to the start of the transfer window, Brendan Rodgers spoke of bringing in reinforcements to help lessen the burden on the likes of Luis Suarez and Raheem Sterling. So far, so good, with Daniel Sturridge arriving from Chelsea and hitting the ground running. Brazilian youngster Phillipe Coutinho looks like he's on his way, too, while the release of Joe Cole to West Ham and the termination of Nuri Sahin's loan deal has helped cut the wage bill and could lead to further signings. A move for Blackpool's Thomas Ince is the most likely.

Where they need to strengthenSteven Gerrard claims that Liverpool are a couple of 'big players' short of challenging for top honours, and while that may be true, the Reds will not be bringing in massive names in January. Ince could arrive to provide competition in wide areas and a feeling persists that a centre-back capable of challenging Martin Skrtel and Daniel Agger for a starting spot is necessary, but for now Rodgers will rely on Jamie Carragher and, to a lesser extent, Seb Coates.

Verdict
Daniel Sturridge is showing signs of being a very good signing. Will young Coutinho prove FSG were right to stall the Clint Dempsey transfer last summer?

Man UnitedWhat they've done in JanuaryThe Premier League leaders snapped up Wilfried Zaha from Crystal Palace, as Fergie continues his trick of rebuilding while still at the top, with the young attacker staying on loan at Selhurst Park until the end of the season. Meanwhile, another exciting prospect Angelo Henriquez has been loaned to Wigan.

Verdict
Zaha is an exciting addition and Fergie doesn't need to strengthen further to secure the Premier League title. The Champions League may be another matter, however.

Man CityWhat they've done in JanuaryMan City have enjoyed a quiet January thus far. Roberto Mancini's summer of spending has meant the club do not desperately need to bring in any new faces, and his side appear more than capable of dealing with injuries and the absence of Yaya and Kolo Toure through the African Cup of Nations.

Where they need to strengthenMario Balotelli's future remains very much in the balance following his public brawl with Mancini, but the Italian striker continues to be named in match day squads for the time being. Reports in Italy claim that AC Milan will look to make a late move for the mad-cap marksman, but it seems likely that any move will wait until the summer, at which point City will look to strengthen up front. Falcao, anyone?

Verdict
If City fail to defend their title, Roberto Mancini will look back to his failure to land Robin van Persie last summer, rather than any January deals, as the key

Tottenham HotspurWhat they've done in January
The biggest transfer news for Spurs has been the signing of Schalke 04's Lewis Holtby, who will head to north London in the summer. However, despite only having one senior striker to pick from, Andre Villas-Boas is yet to bring in any new faces in January. There have been suggestions that Spurs may try and strike a deal with Schalke to bring Holtby to London sooner, but that seems unlikely at this stage.

Where they need to strengthen
A striker is a must for Villas-Boas, especially given Emmanuel Adebayor's decision to play at the African Cup of Nations and there lack of depth in that position. As such, Spurs continue to be linked with Brazilian hotshot Leandro Damiao, in a transfer saga that seems to have dragged on for years. Elsewhere, the club have been loosely linked with Montpellier midfielder Younes Belhanda, with the Moroccan international believed to be interested in a move to England.

Verdict
Tottenham need another top striker. They needed one last year and Arsenal made them pay - will they make the same mistake this year? Don't leave it to the last minute, Levy!

Where do you think these sides need to strengthen, if anywhere? Who would you bring in this January? Let us know by commenting below...